A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017. REUTERS-Faisal Al Nasser
A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017. REUTERS-Faisal Al Nasser

Egypt’s sovereign fund seeks partnership with KSA, Kuwait, Oman

Thu, Nov. 21, 2019
CAIRO – 21 November 2019: Ayman Soliman, who was named as the executive director of Egypt's Sovereign Wealth Fund in October, expressed hope to secure partnership with Saudi Arabia, Kuwait and Oman on the fund.

This comes only few days after Egypt and the UAE announced establishing a new joint strategic platform, with total investment of $20 billion, through the Abu Dhabi Development Holding Company and Egypt’s Sovereign Wealth Fund.

In an interview with Bloomberg, Soliman said the desired partnership could take many forms, including the establishment of investment funds and platforms.

Soliman said the negotiations with Oman, in this regard, have reached much progressed stage, adding that they could be completed by the end of this year. Saudi Arabia and Kuwait also have the desire to invest in Egypt, Soliman asserted.

Referring to the platform reached with the Abu Dhabi Development Holding Company earlier in November, Soliman said that Egypt was willing to reach similar partnerships with the three Arab states.

The strategic platform was announced during President Abdel Fattah al-Sisi’s visit to the UAE, during which he met with Abu Dhabi Crown Prince Mohamed bin Zayed.

The partnership aims to establish strategic joint ventures, specialized funds or investment instruments, to invest in several sectors, most notably manufacturing, traditional and renewable energy, technology, food and real estate, tourism, healthcare, logistics, financial services, infrastructure and others, presidential spokesman Bassam Radi added.

Sheikh Mohamed bin Zayed announced the establishment of the platform on his Twitter account.

"Together with my brother, President Abdel Fattah El Sisi we launched a joint strategic investment platform between the UAE and Egypt worth $20 billion to implement vital economic and social projects for our brotherly countries," Mohamed bin Zayed wrote.
 
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